Anglo American PLC (LON:AAL) announced on Monday that its U.S. subsidiary is withdrawing from Alaska's massive Pebble Mine project, which has the potential to be the world's largest copper mine.

“Despite our belief that Pebble is a deposit of rare magnitude and quality, we have taken the decision to withdraw following a thorough assessment of Anglo American’s extensive pipeline of long-dated project options," Mark Cutifani, head of Anglo American said.

The company will take a post-tax impairment charge of $300 million this year to reflect the exit from Pebble.

The project now will be owned exclusively by Canada's Northern Dynasty Minerals Ltd. (TOR:NDM).